The Payment services company Moneygram International is all set to expand its networking in India. For that matter, it is looking for alliances and partners to cash-in the growing payment market in India. India is the largest remittance receiving country in the world.

Harsh Lambah, Moneygram’s Country Manager for India, said:

India is at the top in our focus list. We are in the process to make partnership with like-minded companies.

We are planning to increase our network through alliances, partners and sub-agents. We are also looking to hire more people.

However, Moneygram has been offering its services in India since last eight years , but it opened its office in Mumbai for the first time in 2006. In January 2007, it opened another office in Delhi.

In Indian market other big players such as Western union are present but Lambah said that Moneygram priced itself competitively in comparison with other players. He said that transferring money through it would be cheaper than Western Union. Moneygram services are convenient, reliable and affordable as well.

Lambah said further that the Reserve Bank of India has set a limit of $ 2,500 for a single money transfer. The central Bank has also set that a single person can use 12 transfers per annum.

According to the RBI report, the maximum remittances came into India from North America (44 percent) and the Gulf (24 percent).

At present, Moneygram has its presence in 170 countries across the world and has eight principle agents in India such as Thomas Cook, Trade wings, UAE Exchange and Indusind Bank. It operates through many some other sub-agents such as South Indian Bank and IDBI as well.

Read